ARTICLE · 31 OCTOBER 2024
UK Pensions Briefing | Cyber And Data Security For Pension Schemes: Key Takeaways
Pension schemes face increased cyber threats due to their valuable data and complex supplier chains. Regulatory expectations now require trustees to establish robust cyber defenses, monitor risks, map data flows, and maintain incident response plans, ensuring compliance with both the Pensions Regulator and ICO standards.
Over recent years we have seen that pension schemes and their
supply chains are vulnerable to cyber-attacks. The reasons for
this, and the serious consequences of a cyber security breach for a
pension scheme, are evident from the Pension Regulator's Regulatory Intervention Report of February
2024 into the Capita cyber security incident. Cyber criminals'
growing interest in pension schemes has resulted in more demanding
expectations from the Pensions Regulator and the Information
Commissioner in respect of pension scheme cyber security. In this
briefing we look again at:
- Why pension schemes are particularly exposed.
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